Can the conveyancing solicitors that are recommend execute auction conveyancing in Leeds?

We know of a number of niche practitioners we can put you in touch with those conducting auction conveyancing. Leeds is just one of our locations in which our lawyers cover.

What does my ID and proof of funds have anything to do with my conveyancing in Leeds? Is this really necessary?

Leeds conveyancing solicitors as well as nationwide property lawyers accross the UK have an obligation under money laundering regulations to verify the ID of any client with a view to satisfy themselves that clients are who they say they are.

Conveyancing clients are required to supply two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (usually a Bank Statement less than 3 months old).

Evidence of source of funds is also necessary under the money laundering regulations as solicitors are required to ensure that the monies you are utilising to acquire a property (be it the exchange deposit or the total purchase monies if you are a cash purchaser) has originated from an acceptable source (such as employment savings) as opposed to the proceeds of illegitimate behaviour.

My lender has suggested a law firm on their panel based in Leeds but I would rather use a conveyancing lawyer in Leeds or nearer to where I live. Can you assist?

Not all Leeds conveyancing practices are on all banks conveyancing panel. Use the above find an approved solicitor tool to identify a Leeds conveyancing solicitor on the on the mortgage company panel.

I opted to have a survey done on a house in Leeds before appointing lawyers. I have been told that there is a flying freehold element to the house. My surveyor advised that some mortgage companies tend refuse to grant a mortgage on this type of premises.

It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to telephone us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Leeds. Conveyancing may be slightly more expensive based on your lender's requirements.

I am tempted by the attractive purchase price for a couple of flats in Leeds both have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Leeds is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Leeds conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Leeds Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing

The majority of Leeds leasehold flats will be liable to pay a service bill for maintenance of the building invoiced on behalf of the freeholder. If you purchase the flat you will have to meet this charge, normally in instalments during the year. This can be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge for you to pay annual, this is usually not a significant amount, say about £50-£100 but you should to enquire it because occasionally it can be many hundreds of pounds. Are there any major works on the horizon that will add a premium to the service fees? The prefered form of lease arrangement is where the freehold interest is owned by the leaseholders. In this arrangement the lessees enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently employed where the building is larger than a house conversion, the managing agent retained by the leaseholders.